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Yes, i MYZ you loose your next 'slow' action when you defend yourself (in melee). This means that you can't defend yourself against two melee attackers at the same time, since if you do spend your next slow action, you no longer have a next slow action available.

In the beta rules for Mutant: Hindenburg (probably will not be translated to English) they have a similar system like in FbL where defending is a fast action. This is something that you can do as a houserule in MYZ if you want, it will not unbalance the game. It will make it easier to keep track of your action and it will make it melee combat faster (twice as fast) compared to ranged combat.

You have one action and one maneuver. Close Combat is an action for both parties.

So a close combat in MYZ will look like this:

A has a better init than b, both are considered to be in Arm's Length for this example.
]A's turn > A draw his weapon (maneuver) and attacks B (action). B spends his next action to defend against A (without a weapon sadly).

Assuming that nothing interesting happens.
B's turn > B only has a maneuver since he has already spend his action to defend against A. He uses it to draw his weapon.

In MYZ a maneuver (normally) is used for fast, quick things that doesn't uses a skill. A action is used for things that uses a skill.

edit: In later YZ games, they changed the wordings to slow and fast actions instead of actions and maneuvers. They also changed how defending in close combat works. So, this isn't how it works if using the OGL rules. If that is the case, let me know.

Thanks Fenhorn for the explanation...it's starting To sink in that you won't be on the back foot against an opponent who goes before you all the time as you can choose to gain initiative.

Yeah, it is a little odd. It took us a while to get the hang of it in our group.